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There is increasing recognition of the relevance of materiality and risk to a wider scope of assurance engagements. Learn how to reduce the likelihood of not detecting material misstatements.
Materiality and Risk in Audit and Review Engagement shows you how to:
This course provides examples of industry- and firm-specific factors that may influence the materiality decision and identifies checklists and associated guidance for the determination of materiality and the assessment of risk.
Additional options and pricing may be available. See pricing and registration for more details.
Module 1: Materiality
• The role of materiality• The determination of materiality• Materiality and review engagements• Determination and documentation of materiality — An example• Review questions• Review solutions
Module 2: Audit risk and the risks of material misstatement
• Introduction• Audit risk• Risk and review engagements• Documentation of the assessment of audit risk• Assessing the risk of material misstatement• Review questions• Review solutions
Module 3: The auditor's responses to assessed risks
• At the financial statement level• At the assertion level for classes of transactions, account balances, and disclosures• Application to test of controls• Application to substantive testing• Interpretation of “low,” “moderate,” and “high”• Evaluating the sufficiency of audit evidence obtained• Detection risk and review engagements• Review questions• Review solutions
Illustration 1: Evaluating misstatements
Illustration 2: Evaluating misstatements – Adjustments
Appendix A: Canadian Hardware Sales Ltd. and select PPM forms
Appendix B: Select PPM forms
Member Development and Support
December 8, 2017
Sustainability and corporate reporting; the pursuit of knowledge development, advancement, and sharing has existed from the early establishment of the accounting profession — and continues to grow as CPAs champion research and innovation.
Join our financial literacy volunteer program for CPA members.
February 28, 2018
Sustainability is an increasingly important issue for business, communities and the world. Learn how embracing sustainability can help organizations not only contribute to society but also become more profitable and successful in the long term.